Block.one Secures $10 B for EOS-Based Crypto Exchange Subsidiary

Sahaj  |  May 12, 2021

The blockchain software company Block.one has recently made an announcement regarding their plans to launch a crypto exchange subsidiary. The Bullish Global cryptocurrency exchange platform based on EOS is highly expected to go live in the latter part of this year.

Block. one Acquires Funding $10B for EOS-Based Crypto Exchange Subsidiary

In accordance with the latest release published on Tuesday, the platform which is dubbed “Bullish Global” will be running on the EOS blockchain.

The EOSIO developer continued to reveal as part of the announcement that it had managed to raise capital up to $10 billion. However, it should be noted that the sum involved around $300 million in investor funding from the interests of Mike Novogratz and Peter Thiel, as well as Louis Bacon and Alan Howard the hedge fund managers.

The remaining capital total has reportedly been acquired from the crypto holdings of Block.one which included 164,000 Bitcoin, which were worth around $9 billion at the present market value and 20 million EOS.

As reported by leading market aggregators, the Bitcoin holdings of Block.one stood at around 140,000 BTC back in the month of January. 

The Roles Bullish Global will be Playing

The CEO of Block.one, Brendan Blumer commented on the firm leveraging blockchain technology and new market architecture. He mentioned in his statement:

“The Bullish exchange will leverage blockchain technology and a new market architecture to revolutionize the high-performance trading landscape by transparently automating expensive third-party functions and turning them into yield-generating portfolio management tools to offer institutions and individuals better and safer access to the latest cryptocurrency investment strategies.”

Bullish Global will reportedly be assembling the features of the centralized as well as the decentralized crypto exchange architecture and operations. 

In addition to this, the Bullish exchange is highly expected to provide lending markets as well as providing portfolio management tools for its users.

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